For generations, the conventional wisdom for Black professionals was simple: Get a good job and keep it. It’s what most of our parents drilled into us. Mom and Dad’s wisdom didn’t account for a few pretty significant events. Millennials, for instance, entered a workforce still feeling the sting of the 2008 recession, and the stability our parents promised us was wildly elusive. We had a global pandemic that gave many boomers and Gen Xers the first opportunity to look at our careers and ask ourselves, what do we really want from work? And how do we leverage our hard-earned skills and experience to take more control over how we use our time and talents to make money?
Now, in 2024, everywhere you look, professionals are hustling—whether it’s starting our own business, freelancing, or running a side hustle alongside our nine-to-five. There’s a sense of urgency we haven’t seen in a very long time, and Black professionals are leading the charge in what I like to call the Black Business Boom. New LinkedIn data has uncovered that 77% of Black professionals want to dive into entrepreneurship or kick-start their own business. The mindset has shifted from just finding a job to creating opportunities and building something of our own.
While the idea of running your own business can feel intimidating, it’s important to remember that there is no perfect path or one-size-fits-all approach in your entrepreneurial journey. What we do know is that knowledge gives you options, and options give you agency. That need for agency is the driving force behind this seemingly rapid move toward entrepreneurship for Black professionals.
How we arrived at the Black Business Boom
Simple: The job market has everyone on edge. People aren’t staying in their jobs because they’re in love with what they do—they’re staying because uncertain markets increase the volume of Mom and Dad’s voices in their heads (“Get that good job and keep it”).
While layoffs have slowed, the job market is extremely competitive, and companies aren’t hiring as robustly. Professionals of color have a long memory of how they felt just a year or so ago when household-name companies were making layoff headlines left and right. It’s no wonder that according to LinkedIn data, 69% of Black professionals are thinking about freelancing. The uncertainty is real, and it’s driving people to question their next move. Do I want to only work for someone else, or is it time to take control and work for myself?
That’s where the urgency comes in. Folks are putting together their one-to-two-year exit strategies and taking their career into their own hands. Some want to pivot to something they’re more passionate about (49%), while others seek more fulfillment at work (44%). Let’s be honest: Fulfillment is real. No one wants to love their jobs only when they get paid on the 1st and the 15th.
We’ve moved from the conventional wisdom of aspiring to job security and are now thinking about economic resilience. It’s about finding that agency—choosing to create your own path and take back control despite any shifts in the market.
How to find areas of opportunity as a Black entrepreneur
Black entrepreneurs have proved that there are no saturated markets for us. Black consumers have been so historically underserved by product and service companies that industries like cosmetics, apparel, food service, and hospitality catering to the unique wants, needs, and culture of Black folks are wide-open spaces.
The joy about running a company and being your own boss is that you can run it however you want—and right now, there are countless opportunities to serve Black consumers who have been historically overlooked. For example, a recent Fashion Institute of Technology study found that thousands of Black women have to travel more than 30 minutes to buy beauty products that fit their needs (a foundation color in their shade or hair products made for their hair texture). That’s a massive gap in the market just waiting to be filled, and it’s inspiring Black business owners to step up. Imagine creating a beauty truck or beauty vending machine specifically inclusive of beauty products for Black women.
Black entrepreneurs are also finding success by entering industries that are seemingly saturated but wide open for innovation when approached from a fresh perspective and cultural nuance. Take Slutty Vegan. Black vegans exist, but where were the vegan soul food restaurants that catered to them? Or even barbershop booking apps like the Cut, which was designed to meet the needs and unique barbershop culture of Black men.
When cofounder and CEO Obi Omile Jr. created the app in 2016, he was filling a gap for Black barbers. Sure there were other business management platforms for booking barbershop appointments, but he built his app with Black barbers and consumers in mind. In 2023, the Cut celebrated $2 billion worth of haircuts booked on the app. I personally contributed to that number, as I used the app to find my own barber when I moved from Harlem, New York, to Atlanta in 2020, and continue to book my weekly bald fade and beard lineup on the app to this day.
The point is that there are so many untapped markets for Black professionals to jump into and succeed in, the potential is limitless.
So you have an idea—here’s how you turn passion into profit
You’ve got the spark, the vision—now it’s time to turn that passion into profit. Some professionals might feel a little lost or have some angst about how to take that first step into their business journey. The truth is, 63% of Black professionals are unsure how to get started in running their own business. With thriving online communities of Black entrepreneurs and professionals, there are now endless opportunities for small-business owners to grow their networks and share resources, unlocking technology’s ability to democratize economic opportunity.
Black entrepreneurs are building their networks in digital spaces to share information, insights, wins, and losses to mentor each other, peer-to-peer. Information is power, and networks and networking are really about building a community of people who are rooting for you to win.
Whether you want to start a side hustle, switch to a freelance career, or step out and build a new business, remember you’re not just creating a business—you’re taking control of your career and future. Technology tools and the visibility, access, and opportunity (without the gatekeepers) are how many Black professionals are not just becoming the CEOs of their own businesses, they are tapping into each other and their ambitions to become the CEOs of their own lives.